Scotiabank Raises Fortis (TSE:FTS) Price Target to C$66.00

Fortis (TSE:FTS) had its price objective lifted by equities researchers at Scotiabank from C$63.00 to C$66.00 in a research report issued on Thursday,BayStreet.CA reports. The firm currently has a “sector perform” rating on the stock. Scotiabank’s price objective indicates a potential upside of 4.83% from the stock’s previous close.

Several other analysts have also weighed in on FTS. Jefferies Financial Group set a C$67.00 price objective on shares of Fortis and gave the company a “hold” rating in a research note on Thursday. Raymond James cut shares of Fortis from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 6th. Finally, CIBC upped their price objective on Fortis from C$63.00 to C$64.00 and gave the stock a “neutral” rating in a report on Wednesday, January 8th. Two research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to data from MarketBeat.com, Fortis presently has an average rating of “Hold” and an average price target of C$61.80.

Fortis Trading Up 0.4 %

Shares of Fortis stock traded up C$0.26 on Thursday, hitting C$62.96. 1,366,658 shares of the company’s stock traded hands, compared to its average volume of 1,516,165. The company has a fifty day moving average of C$60.71 and a two-hundred day moving average of C$60.46. Fortis has a one year low of C$51.02 and a one year high of C$63.75. The company has a market capitalization of C$31.15 billion, a price-to-earnings ratio of 18.69, a price-to-earnings-growth ratio of 3.01 and a beta of 0.23. The company has a debt-to-equity ratio of 142.31, a current ratio of 0.74 and a quick ratio of 0.36.

Insiders Place Their Bets

In related news, Senior Officer Jocelyn Perry sold 11,809 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of C$63.19, for a total transaction of C$746,178.83. Insiders own 0.04% of the company’s stock.

About Fortis

Fortis owns and operates 10 utility transmission and distribution assets in Canada and the United States, serving more than 3.4 million electricity and gas customers. The company has smaller stakes in electricity generation and several Caribbean utilities. ITC operates electric transmission in seven U.S.